Hinduja Group Decide To Acquire Company

Hinduja Group of companies is bullish of green power potential in India. The company has recognized an asset for acquisition. The company has took final decision to acquire the company for expanding its business capacity and soon it will announce the company name to whom it is going to acquire.

According to source, the company may be interested in US-based SunEdison Inc’s which has 450-MW capacity solar plant in India. Along with this the strong contenders that seen about are ReNew Power and Finland’s Fortum Oyj for this asset.

Some of the international company such as US-based SunEdison Inc, Japan’s SoftBank Group, Canada’s SkyPower, Fortum Oyj, along with several other multinational companies have placed the bid below 5 unit to beat into the strong potential renewable energy market in India.

At present, India has the wind energy capacity up to 22GW and over 5GW of solar power capacity. India has the objective to setting up 100 gigawatts of solar power with an investment of $200 billion for coming six years. This target is expected to assist the chronic power shortages in India.

To remain in profitable race, the solar power tariff requires being above 5 unit. However, Fortum has just prevailed the 100-MW project in Karnataka at a tariff of 4.79 a unit for 25 years.